Forex Technical Analysis: Trend potential – Remain flat temporarily.

EURUSD – Up

Remain flat temporarily.

Technical observation

Yesterday instead of price going up as predicted, it broke down below the support zone and I expect s possible bearish movement of price towards 1.1931, should this line be broken below, I expect a further decline in price towards 1.1727.I’m waiting for a pull back to the just broken zone to confirm the breakout is not false so as to sell EUR on the second retracement to it.As long as price remains below this zone, short positions look ideal and can be recommended. On your way downwards the key lines to look out for are; 1.1931 and 1.1727.Right now you can remain flat temporarily and wait for the correction to 1.2216-1.2192.

Technical levels

Resistance levels

R1.1.2345

R2.1.2401

R3.1.2505

Pivot: 1.2301

Support levels

S1.1.2241

S2.1.2194

S3.1.209

Trade signal

Remain flat temporarily.

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